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 Replies: 9 / Views: 1,560 |
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Pillar of the Community
United States
2049 Posts |
Does anyone out there turn these in for scrap? Currently copper is roughly $3.22/pound give or take a few cents. That means that the average US penny from 1982 and earlier has roughly 2.1 cents worth of copper in it. I read in another thread that one guy was taking them in for 1.5 cents per penny so I guess if you got enough of these you could make a small fortune.   Any thoughts on this? |
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Pillar of the Community
United States
7123 Posts |
At this point Copper cents and nickels are illegal to melt for scrap ,,it is a federal offense .
Metalman
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Pillar of the Community
United States
1424 Posts |
I sold some on ebay in $50.00 batches, I got an average of $75 per lot. Now between the 2 buyers I sell about $100-$150 worth per month. I just started saving the profits for my 1909-S vdb, at this rate I should be able to buy one in another year or so..... |
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Pillar of the Community
 United States
2049 Posts |
At this point Copper cents and nickels are illegal to melt for scrap ,,it is a federal offense .
Metalman
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I'm not doubting you but do you have a link showing that this is the case or is this a rumor?
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Pillar of the Community
United States
2049 Posts |
At this point Copper cents and nickels are illegal to melt for scrap ,,it is a federal offense . Metalman --- I'm not doubting you but do you have a link showing that this is the case or is this a rumor? ---- Nevermind I found something from the US Mint site: http://www.usmint.gov/pressroom/ind...lease&ID=724So you are 100% correct. Thanks for the info. |
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Pillar of the Community
United States
1424 Posts |
It 's illegal to melt them NOW....at one time it was illegal to own gold coins, then in the sixties I'm pretty sure it was illegal to melt silver coins.
This law will be repealed whenever they either stop making
pennies or find an alternative to zinc & copper so they can make a profit on them again. Some people are just hoarding them until that time comes.
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Pillar of the Community
United States
2049 Posts |
I sold some on ebay in $50.00 batches, I got an average of $75 per lot. Now between the 2 buyers I sell about $100-$150 worth per month. I just started saving the profits for my 1909-S vdb, at this rate I should be able to buy one in another year or so..... --- Are these the 1959-1982 Lincoln cents or did your lots include wheaties? |
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Pillar of the Community
United States
2049 Posts |
It 's illegal to melt them NOW....at one time it was illegal to own gold coins, then in the sixties I'm pretty sure it was illegal to melt silver coins.
This law will be repealed whenever they either stop making
pennies or find an alternative to zinc & copper so they can make a profit on them again. Some people are just hoarding them until that time comes.
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What are yours and others thoughts on hoarding them in hopes that they repeal the law about melting these?
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Pillar of the Community
United States
1424 Posts |
mine are all 1959-1982 cents and listed as such, no wheaties.
As far as hoarding them till after the law is repealed....I guess the fact that I sell them now answers that question. I'd rather take my 50% profit on them now then to save them in hopes of a bigger return later.
There are a bunch of people hoarding copper though, there is a website full of people doing it. There's even a machine made by Rydale that will sort them for you.
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Pillar of the Community
United States
2049 Posts |
mine are all 1959-1982 cents and listed as such, no wheaties.
As far as hoarding them till after the law is repealed....I guess the fact that I sell them now answers that question. I'd rather take my 50% profit on them now then to save them in hopes of a bigger return later.
There are a bunch of people hoarding copper though, there is a website full of people doing it. There's even a machine made by Rydale that will sort them for you.
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Yeah I dont blame you for taking the profit while you can. No one knows for sure if the law will be repealed so speculators might find themselves stuck with those coins forever as circulation coins only.
I will probably hold onto mine right now and take a wait and see approach. I guess part of me knows that there should be a new mint design on pennies next year, so maybe the Lincoln cents as we know them will become a hot commodity from a numismatic perspective.
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Replies: 9 / Views: 1,560 |
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Posted 01/26/2008 11:54 am
